Thatcher Demko’s $5 million cap hit has never looked better.

Just days after Jeremy Swayman signed an eight-year contract worth $8.25 million annually with the Boston Bruins, another high cap hit for an NHL goaltender is in the news.

According to a report from ESPN’s Kevin Weekes, Igor Shesterkin has reportedly rejected an eight-year deal worth $88 million from the New York Rangers.

Shesterkin, 28, is entering the final year of a four-year contract that carries a cap hit of $5.66 million, and is set to become an unrestricted free agent on July 1st. The proposed deal from the Rangers would carry an annual average value of $11 million and would make Shesterkin the highest paid goalie in NHL history, both from a yearly and total dollars perspective.

Right now, Sergei Bobrovsky is the NHL’s highest paid goaltender, and is entering year six of a contract that pays him $10 million yearly. Now, Shesterkin’s situation is unique for a couple of reasons. For starters, he has added leverage due to the fact that he’ll be entering free agency at 29 years old as one of few truly elite NHL goaltenders.

On top of that, the cap is expected to rise considerably over the next handful of years. From Shesterkin’s perspective, if Leon Draisaitl, one of the premier forwards in the league, got $14 million annually on an eight-year contract, shouldn’t his number be at least closer to that? Not to mention that Swayman, who has a smaller body of work as an elite NHL starter, got $8.25 million on his deal. You can see why Shesterkin’s camp would decline this deal, despite the initial sticker shock at first glance.

This author’s personal opinion? Despite being a “goalie guy”, it rarely seems like a good idea to sign goaltenders long term. The position is too volatile and ever-changing that committing a large chunk of salary cap to a goaltender long term seems to come with far more cons than pros. Swayman’s contract seems like a long term mistake, but the Bruins didn’t have many other options. My prediction? Swayman doesn’t finish that contract in Boston. By 34, he’ll be playing somewhere else. Is that a hot take? I’ll let you decide.

Now the Canucks twist on this. The Canucks are set to open the season with what most agree to be a slightly above average tandem of Arturs Silovs and Kevin Lankinen in goal, and it’s going to cost them under $2 million. When Thatcher Demko and his $5 million cap hit come back, you’re looking at an elite tandem for just under $6 million. That’s just incredible value in today’s NHL.

With all this term and big money being thrown around, it makes you appreciative of the goaltending pipeline the Canucks have built. How many other teams could lose both their starter and backup in round one of the playoffs and live to see game seven of round two? My guess is not many.

Certainly not Boston.

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